There has also been a glimmer of hope in Brussels, which has further benefitted the Pound.

Seemingly at the eleventh hour, EU officials have decided that they will now discuss their future trading relationship with the UK, although the UK won’t be included in these talks.

While this appears to represent a tentative breakthrough on the matter, EEF Chief Executive Terry Scuoler has warned that more discussion is needed, and soon;

‘Business needs to see more than a hint of progress, because serious planning for transitional arrangements should be taking place now if companies are to firm up their business plans and pin down investment.

Firms in the UK and across Europe are united in seeking clarity on a transition deal that maintains a level playing field in order to avoid confusion and potential economic damage.

Time is moving and without greater political certainty businesses will form their own conclusions and plan accordingly’.

Swiss Franc Loses Ground as Gold Prices

A downwards lurch in the price of gold has harmed the Swiss Franc today, allowing the rising Pound to take the lead.

While gold costs did rise in the middle of October, they have failed to show resilience and have slipped notably in more recent weeks.

Swiss domestic news has been less concerning – on Thursday, the trade balance for September showed an expansion of the current surplus.

The rise from 2.198bn to 2.918bn was higher than forecast, but this has not been enough to counteract worries about the slump in gold.

UK GDP Growth Figures Forecast to Cause GBP Exchange Rates

Next week could see the Pound lose ground to the Swiss Franc, depending on what UK GDP stats indicate.

GDP estimates for Q3 are out on Wednesday morning and a year-on-year slowdown has been forecast.

Wednesday will also bring Switzerland’s main data, the UBS consumption indicator.

This looks at economic activity across a range of sectors and is predicted to show a small increase, a result which could prove CHF positive.

Latest GBP CHF Exchange Rate Movement

The Pound has risen against the Swiss Franc today to an interbank rate of 1.2939. CHF/GBP has dropped to 0.7718.

Laura Parsons

Laura has been working in the financial services sector since 2012 and provides currency news updates for a number of online and print publications. Over the years she has produced exchange rate analysis for publishers like French Property News, The Express, The Telegraph and Forbes.

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